Ranked by reported Q1 2026 13F market value
Share of total reported institutional value in SPSC held by the largest 10 / 25 filers.
| # | Institution | Shares Held | Market Value | QoQ Change | Ownership % | % of Fund |
|---|---|---|---|---|---|---|
| 1 | BlackRock, Inc. | 5.8M | $324.5M | +1.9% | 15.588% | 0.01% |
| 2 | VANGUARD PORTFOLIO MANAGEMENT LLC | 3.0M | $164.7M | — | 7.913% | 0.01% |
| 3 | Neuberger Berman Group LLC | 1.8M | $99.7M | +26.5% | 4.788% | 0.08% |
| 4 | VANGUARD CAPITAL MANAGEMENT LLC | 1.7M | $94.5M | — | 4.542% | 0.00% |
| 5 | STATE STREET CORP | 1.5M | $83.5M | +2.1% | 4.011% | 0.00% |
| 6 | GOLDMAN SACHS GROUP INC | 1.1M | $59.5M | +61.6% | 2.860% | 0.01% |
| 7 | CITADEL ADVISORS LLC | 1.0M | $56.1M | +279.1% | 2.696% | 0.03% |
| 8 | BANK OF AMERICA CORP /DE/ | 999K | $55.6M | +3.3% | 2.671% | 0.00% |
| 9 | GEODE CAPITAL MANAGEMENT, LLC | 998K | $55.6M | +2.7% | 2.669% | 0.00% |
| 10 | MORGAN STANLEY | 961K | $53.5M | +10.2% | 2.570% | 0.00% |
| 11 | DISCIPLINED GROWTH INVESTORS INC /MN | 811K | $45.1M | -4.0% | 2.169% | 0.92% |
| 12 | FEDERATED HERMES, INC. | 739K | $41.1M | +201.6% | 1.976% | 0.07% |
| 13 | BNP Paribas Asset Management Holding S.A. | 710K | $39.5M | -4.0% | 1.900% | 0.05% |
| 14 | Anson Funds Management LP | 675K | $37.6M | — | 1.805% | 4.77% |
| 15 | Irenic Capital Management LP | 598K | $33.3M | +32.2% | 1.599% | 3.30% |
| 16 | NORDEA INVESTMENT MANAGEMENT AB | 538K | $30.0M | -55.8% | 1.439% | 0.03% |
| 17 | DIMENSIONAL FUND ADVISORS LP | 504K | $28.1M | +17.2% | 1.349% | 0.01% |
| 18 | CHARLES SCHWAB INVESTMENT MANAGEMENT INC | 501K | $27.9M | +2.5% | 1.339% | 0.00% |
| 19 | D. E. Shaw & Co., Inc. | 491K | $27.3M | +8.5% | 1.313% | 0.03% |
| 20 | Walleye Capital LLC | 458K | $25.5M | +1749.1% | 1.224% | 0.11% |
| 21 | NORTHERN TRUST CORP | 442K | $24.6M | -2.3% | 1.181% | 0.00% |
| 22 | Lightrock Netherlands B.V. | 442K | $24.6M | +432.8% | 1.181% | 5.25% |
| 23 | RIVERBRIDGE PARTNERS LLC | 407K | $22.7M | -15.3% | 1.089% | 0.56% |
| 24 | NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | 361K | $20.1M | -33.9% | 0.966% | 0.03% |
| 25 | ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | 355K | $19.7M | +13031.0% | 0.948% | 0.01% |
denotes a marquee investor (Buffett, Burry, ARK, Tiger Global, Pershing Square, Baupost and other widely-followed managers). “% of Fund” shows how much of that investor’s total 13F portfolio is invested in SPSC — a direct measure of their conviction.
Filings activity in SPSC during Q1 2026, grouped by how each filer changed its position.
8 quarters of 13F filings · Δ columns show change vs prior quarter
| Quarter | Inst. Holders | Δ Holders | Ownership % | Δ Ownership | Total 13F Value | Δ Value |
|---|---|---|---|---|---|---|
| Q1 2026 | 319 | 11% | 98.69% | 57.58 pp | $2.04B | 37% |
| Q4 2025 | 359 | 7.9% | 156.27% | 30.23 pp | $3.23B | 16% |
| Q3 2025 | 390 | 12% | 186.50% | 13.49 pp | $3.85B | 23% |
| Q2 2025 | 441 | +2.1% | 199.99% | +0.00 pp | $4.98B | +6.2% |
| Q1 2025 | 432 | 3.1% | 199.99% | +0.00 pp | $4.69B | 29% |
| Q4 2024 | 446 | 0.2% | 199.99% | +0.00 pp | $6.61B | 1.0% |
| Q3 2024 | 447 | +2.1% | 199.99% | +0.00 pp | $6.68B | +1.8% |
| Q2 2024 | 438 | — | 199.99% | — | $6.56B | — |
Source: SEC 13F institutional filings. Ownership % requires market cap data and will show once linked. Δ columns compare to the immediately prior filed quarter.
Quick answers to the most common questions about buying SPSC stock.
Based on Q1 2026 13F filings, institutional ownership of SPS Commerce, Inc. stands at 98.7%, held across 319 reporting institutions.
BlackRock, Inc. is the largest reported institutional holder of SPSC, with approximately 5,828,636 shares worth $0.32B as of Q1 2026.
Yes — 1 widely-followed marquee investor appear among the top 25 institutional holders of SPSC, including CITADEL ADVISORS LLC.
Our composite Smart Money Score for SPSC is 27 out of 100 (Bearish). It combines net institutional buying activity, ownership shift, marquee investor presence, and holder-count growth.
58 institutions opened new positions in SPSC during Q1 2026, while 98 fully exited. 51 added to existing positions and 209 trimmed.
SPSC institutional ownership fell by 57.58 percentage points quarter-over-quarter, with a net change of -40 holders.
The top 10 institutions account for 51.4% of all reported 13F value in SPSC, and the top 25 account for 73.3%.
All data is sourced from SEC Form 13F filings, which institutional investment managers with at least $100M in assets are required to file each quarter. We process every 13F filing from EDGAR and recompute the aggregates after each cycle. Insider transactions are sourced from Form 4 filings.
SPS Commerce, Inc. (SPSC) Institutional Ownership